GBLEF - Global Energy Metals Sells Interest in Werner Lake Project and Gains Equity Exposure to Battery and Precious Minerals Portfolio Held by CBLT Inc.

November, 26 2020 08:11 AM Global Energy Metals

(TheNewswire)

Vancouver, BC - TheNewswire - November 26, 2020 - Global Energy MetalsCorporation ( TSXV:GEMC ) | ( OTC:GBLEF ) | ( FSE:5GE1 ) ("Global Energy Metals", the"Company" and/or "GEMC ") is pleased to announce that the Company hasexecuted an agreement with CBLT Inc. ("CBLT") (TSXV:CBLT) tosell the entirety of its seventy percent (70%) interest in the WernerLake project ("Werner") located near the Ontario-Manitobaborder in the Kenora Mining District, Ontario. The significantinterest of approximately 11% on a fully diluted basis in CBLT willstrengthen GEMC's equity portfolio holdings of battery mineral focusedpeers including positions in Marquee Resources Ltd. (ASX:MQR) and,subject to closing on its previously announced royalty transaction, asignificant interest in Electric Royalties Ltd.(TSXV:ELEC).

Mitchell Smith,President & CEO comments:

" This transaction will provide GEMC'sshareholders exposure to CBLT's potential future growth through ameaningful equity stake in a resource focused company that isaccelerating battery and precious metals exploration efforts inOntario, Canada. GEMC will continue to look for opportunities toexpand the equity holdings by the Company strengthening its exposureto the battery supply chain."

Terms of theLOI:

- $20,000 (twenty thousand dollars)immediately paid as a non-refundable cash deposit upon signing of theLOI.

- $250,000 satisfied on the closing byCBLT issuing 5,000,000 (five million) shares issued at a deemed priceof $0.05 (five cents) per share.

- The issuance of 3,500,000 (threemillion and five hundred thousand) common share purchase warrants eachexercisable at $0.08 (eight cents) with a two year term. There is noaccelerator on these warrants.

- A milestone payment of $500,000 (fivehundred thousand dollars) payable by CBLT to GEMC upon Werner Lakereaching commercial production.

- Should CBLT sell or option the Asset or a portion ofthe Asset during the 24 months following closing, GEMC shall receive20% of the gross proceeds of the sale.

The LOI includes the delivery to CBLT ofall technical data related to Werner Lake in GEMC's power, control orpossession.

Assuming a definitive agreement isreached, closing of such agreement would be conditional upon approvalfrom the TSX Ventures Exchange and further due diligence byCBLT.

About CBLT Inc.

CBLT Inc. is a Canadian mineral exploration companywith a proven leadership team, targeting cobalt and gold in reliablemining jurisdiction and creating real value through exploration andM&A activities.

Global Energy MetalsCorporation

(TSXV:GEMC |OTCQB:GBLEF | FSE:5GE1)

Global Energy Metals is focused onoffering investment exposure to the raw materials deemed critical forthe growing rechargeable battery market, by building a diversifiedglobal portfolio of battery mineral assets including project stakesand sector specific equity positions. GEMC anticipates growing itsbusiness through the acquisition and development of battery mineralprojects alongside key strategic partners. The Company holds 100% ofthe Millennium Cobalt Project and two neighbouring discovery stageexploration-stage cobalt assets in Mount Isa, Australia positioning itas a leading cobalt-copper explorer and developer in the famed miningdistrict in Queensland, Australia. The Company is finalizing on theacquisition of an 85% interest in two battery mineral projects, theLovelock Cobalt Mine and Treasure Box Project, located on the doorstepof the world's largest lithium-ion battery production plant,GigaNevada that Tesla Motors Ltd. and partner Panasonic Corp. havebuilt in Nevada, USA. Additionally, the Company holds a 70% interest in the past-producingWerner Lake Cobalt Mine project in Ontario, Canada.

For FurtherInformation:

Global Energy MetalsCorporation

#1501-128 West PenderStreet

Vancouver, BC, V6B 1R8

Email: info@globalenergymetals.com

t. + 1 (604) 688-4219 extensions236/237

Twitter: @EnergyMetals | @USBatteryMetals | @ElementMinerals

Cautionary Statementon Forward-Looking Information:

Certain informationin this release may constitute forward-looking statements underapplicable securities laws and necessarily involve risks associatedwith regulatory approvals and timelines. Although Global Energy Metalsbelieves the expectations expressed in such forward-looking statementsare based on reasonable assumptions, such statements are notguarantees of future performance and actual results or developmentsmay differ materially from those in the forward-looking statements.Except as required by law, the Company undertakes no obligation toupdate these forward-looking statements in the event that management'sbeliefs, estimates or opinions, or other factors, should change. Formore information on Global Energy and the risks and challenges oftheir businesses, investors should review the filings that areavailable at www.sedar.com.

Neither TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibilityfor the adequacy or accuracy of this release.

We seek safeharbour.

Company Name:	Global Energy Metals
Stock Symbol:	GBLEF
Market:	OTC
Website:	globalenergymetals.com